# In the matter of PNB Housing Finance Ltd. vs. Pramod Kumar Gupta

> NCLT judgment dated 2022-08-12. Citation: TCN-2022-NCLT-01385. The application was filed by PNB Housing Finance Limited ('Applicant/Creditor') under Section…

- **Court:** NCLT
- **Order date:** 12 Aug 2022
- **Citation:** TCN-2022-NCLT-01385
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/pnb-housing-finance-ltd-vs-pramod-kumar-gupta-b0e81877

## Summary

### Background

The application was filed by PNB Housing Finance Limited ('Applicant/Creditor') under Section 95(1) r/w Rule 7(2) of the Insolvency and Bankruptcy (Application to Adjudicating Authority for IRP for Personal Guarantors to Corporate Debtor) Rules, 2019, to initiate the Insolvency Resolution Process against Mr. Pramod Kumar Gupta (Personal Guarantor/Debtor), who is the Guarantor of M/s Ajnara India Limited and M/s Adonis Buildtech Private Limited ('Corporate Debtor herein referred as Borrowers'). The applicant stated that it had provided various construction finance/credit facilities to the Corporate Debtors vide sanction letters dated 08.12.2016, 18.05.2017, and 16.08.2018. The applicant claimed a total debt of Rs.1,82,34,06,251.65.00.

## Facts

PNB Housing Finance Limited (the 'Applicant/Creditor') filed an application under Section 95(1) of the Insolvency and Bankruptcy Code, 2016 (IBC) against Mr. Pramod Kumar Gupta (the 'Personal Guarantor/Debtor'), who is the guarantor for M/s Ajnara India Limited and M/s Adonis Buildtech Private Limited (the 'Corporate Debtors'). The Applicant had provided construction finance/credit facilities to the Corporate Debtors, and the total debt claimed was Rs. 1,82,34,06,251.65. The applicant issued guarantee invocation notices and demand notices to the personal guarantor. The personal guarantor raised objections regarding the maintainability of the application, arguing that no CIRP or liquidation proceedings were pending against the corporate debtors. The applicant annexed

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## Issues and analysis

### Issue 1: Whether the application under Section 95 of IBC is maintainable without any CIRP or Liquidation …

**Ratio:** The initiation of CIRP or Liquidation is not a pre-requisite for maintaining an

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**Reasoning:** The Adjudicating Authority relied on the judgment of Hon'ble NCLAT and the Supreme Court,

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**Interpretation:** Section 95 of the IBC allows a creditor to initiate insolvency resolution

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**Application:** In this case, the Personal Guarantor argued that the application under Section

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## Parties

- **Judges:** Sh. Dharminder…; SH. L. N.…
- **Appellants:** PNB Housing…
- **Respondents:** Ajnara India…; Pramod Kuma…

## Timeline

- **2016-12-08 — Sanction Lett…**: Date of one of the sanction letters for credit facilities provided to the Corporate…
- **2017-05-18 — Sanction Lett…**: Date of one of the sanction letters for credit facilities provided to the Corporate…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 95(1) — Application by creditor to initiate insolvency…](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-95)

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